“Bulgaria is experiencing excessive macroeconomic imbalances, which require decisive policy action and specific monitoring. In particular, the financial sector turbulence in 2014 has raised concerns about the existence of banking …
Ceko Minev
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FIBANKInvestigationsLeadingThe "Bad Apples" Banks
Private Lender’s Majority Shareholder in Joint Deal with Criminal Gang
Mila Georgieva, the female boss of a gang dealing with murder, arson and illegal drugs trafficking, has paid to one of the owners of FIB, Ivaylo Mutafchiev, 359,873 levs for …
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In a series of documentary investigations (see here, here, here and here) Bivol revealed how more than 1.2 billion levs in loans have been granted by private lender First Investment …
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Short Stories
What Lies behind Hysterical Campaign about Need of Second Ski Lift in Pirin National Park
Sofia, February 6, 2015 – The coalition of NGOs and civic groups “For Nature in Bulgaria” explained at a press conference that the support of individual Ministers for the request …
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After some serious revelations about huge loans granted by FIB to entities of connected parties (see here, here and here), Bivol undertook the tough task to review the loan portfolio …
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According to the government’s and the central bank’s (Bulgarian National Bank, BNB) approved plan for First Investment Bank (FIB), 94 million levs in State aid can go into private pockets …
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Short Stories
Bulgaria’s Four Party Coalition Continues to Destroy Nature for the Benefit of the Oligarchy
The coalition of NGOs and civic groups “For the Nature in Bulgaria” received signals about future extension of the Bansko ski zone in the Pirin National Park, and the Aleko …
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InvestigationsLeading
Tseko Minev and Ivailo Mutafchiev behind Yulen, Vitosha Ski and Offshore Companies Credited by Private Lender FIB
After the revelation that current and former employees of FIB manage offshore companies, receiving huge loans from the lender, Bivol managed to also unravel the ownership of these companies. One …
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InvestigationsLeadingThe "Bad Apples" Banks
Connected Offshore Companies Receive Huge Amounts from Bulgarian Private Lender FIB, Bank Employees Are Involved
Damyan Boyadzhiev, Borislav Mitov and Ilyan Tsanov are reputable professionals in the financial sector. What connects them is that they all work for Bulgarian private lender First Investment Bank (FIB). …



